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Home Loan Closing Costs

When you buy property, you’ll have to pay closing costs. Some of these closing costs may include origination fees, discount points, inspection fees, and appraisal. These fees will be charged by your lender and other third parties. Some loans allow the seller to cover some of the closing costs. Depending on the loan, these costs can be rolled into the mortgage loan. You can typically expect closing costs to be in the range of 2% to 5% of the purchase price.

After you apply for a mortgage, your lender will provide a fees worksheet which is an approximate estimate of the closing costs. Many items on the fees worksheet are subject to change. If the closing costs are too high, you can still walk away from the contract.


Types of Closing Costs

There are two types of closing costs: recurring and nonrecurring. You can negotiate recurring closing costs, but not nonrecurring closing costs.

Recurring costs are closing costs that will occur multiple times on the same loan. PMI, property taxes, and interest are all examples of recurring closing costs.

Nonrecurring closing costs are fees that are directly related with closing your deal. They include payments that are dispersed to everyone that had a hand in the contract of sale. Nonrecurring charges are paid to:

  • Lenders
  • The home appraiser
  • The credit agency
  • The attorney
  • The closing agent or escrow company
  • The title company
  • Local government
  • Tax companies
  • Surveyors
  • Any other transaction that may show up on your credit report

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